The China Crisis

Publisher's Summary

A controversial look at the impending Chinese economic collapse - the history behind it, its contemporary causes, and its dire implications for the global economy. All the experts agree: The 21st century belongs to China. Given America's looming insolvency and the possibility of the collapse of the U.S. dollar, who can doubt that China is poised to take over the role of economic superpower? Written by political economist and leading financial journalist James Gorrie, this audiobook offers a highly controversial, contrarian view of contemporary China. Drawing upon a wealth of historical and up-to-the-minute data, Gorrie makes a strong case that China, itself, is on the verge of an economic crisis of epic proportions. He explains how, caught in a recurrent boom/bust cycle that has played itself out several times over the past sixty years, China is again approaching total economic and social collapse. But with one important difference this time: They may very well take the entire global economy down with them.

Explores the Chinese communist party's unfortunate history of making costly and very bloody mistakes on an enormous scale One-by-one Gorrie analyzes those critical mistakes and explains how they may lead to economic collapse in China and global depression Describes Chinese "cannibal capitalism," and where its massive abuse of the country's environment, people, and arable lands is leading that country and the world economy Chronicles China's history of recurring economic crisis and explains why all the evidence suggests that history is about to repeat itself

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Customer Reviews

Most Helpful

Intersting read but a lot of projection

Interesting story but a lot of projection. The author worries about the stability of China and it's totalitarian. He claims that in the west the legitimacy of government comes from inclusion, but that in China it is only seen as legitimate by the upper elites, but not by the rest of the population, while in the west there is political inclusion.Is the government in China legitimate in the eyes of the people? he asks and considers:-Size of internal security forces-Large scale censor ship-Corrupt legal system-Restrictions of assembly-Unlimited detention without trialThe author claims that a legitimate government does not need such security forces, as the governed like to be regulated and taxed by their rulers. I would claim that is wrong. All government is based on force and as such necessarily not desired by the ruled, just tolerated.

Now if we look at the USA, we see there is indefinite detention, the government spends more on security forces than the other countries combined, they have q quarter of the worlds prisoners, the NSA spies on everyone, the countless 3 letter agencies make up the largest government the world has ever seen, the president has a secret kill list, the government tortures.He also says that the bank of China has done unprecedented money printing.

I say the author is seeing the splinter in someone else's eyes, but not the beam in his own.He claims that the books are cooked in China, but the books are cooked in the USA as well. Hedonic adjustments are used to under report inflation and if you measure unemployment the way it used to be measured it would be much higher (discouraged workers). The FED prints 85 billion $ a day. Shadowstats has the old numbers.

Another thing I noticed as a contradiction is that on the one hand he is emphasizing crooks are in power in China. Then he says it is highly questionable if the crooks can stay in power and sees that as a point of worry. I'd say either they are crooks and you are happy to see them go, or they are not crooks and you worry they are ousted.He also claims the CCP can not put the capitalist Genie back in the bottle. Great I would say, but it is a worry to him.

Another thing he worries about is the growing wealth disparity, which predicts instability. In the USA wealth disparity has just broken new records at the moment of reading this audio book.

He also says the CCP is so weak and unstable and has so little legitimacy that they fear one single monk; the Dalai Lama. Need I remind of a government that fears OBL in a cave in Afghanistan so much that they start wars an occupations? Or that they spy on the whole world, or arrest teenagers for a tweet or facebook post?

The greatest danger of China is China itself. I would also see this as projection.If you read the whole thing as a projection of the USA, it is a very interesting read.